How can businesses benefit from the digital currency revolution?
The introduction of Blockchain and digital currency into our economy has paved way for a new redefined system of finance that has drastically changed the way we see money. With more and more people investing in digital currency every day, the market for digital currency has become mainstream.
“Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure”
One of the biggest issues that has prevented the growth of digital currency is the incentive to hold on to tokens or coins, this is mainly due to the lack of businesses which accept digital currency. Which is a valid point — what is the point of having digital currency if you cannot spend it? The hope to be able to use digital currency in more real-life and online transactions is one that is strongly held by many investors and supporters. CryptoCheckout has been working on a revolutionary payment solution that will make this vison a reality for businesses worldwide.
The diversification and beneficial impact of blockchain technology, has gained the trust of many large corporations. Facebook the social networking giant with 2.4 billon monthly users, announced it will be launching its own cryptocurrency. The cryptocurrency will allow Facebook users to send money using it’s messaging products like WhatsApp and Messenger. The support for Blockchain is also echoed by Samsung whose flagship mobile device the S10 comes equipped with a digital currency wallet.
- Blockchain spending increased by 110% in the United States in 2018 and rose to $1.6 billion dollars.
- The calculated compounded annual growth rate of 44.5% also predicted that Blockchain spending in the us is likely to reach $41 billion by 2025.
So how exactly can businesses, specifically merchants, benefit from digital currency? The answer is actually quite simple: merchants can diversify their stream of revenue and potentially generate a greater source of income. Additionally, the time efficiency associated with digital currency beats typical card processing times — meaning that the transfer of funds from digital currency will generally be in your bank within 24 hours while credit card processing systems take about 3–5 business days.
Blockchain technology which powers digital currencies has several advantages over conventional payment and settlement networks. Along with reducing friction and fees from central banks, digital currency payments are irriversable. Businesses can finally say goodbye to chargebacks and fraud. It is important to keep in mind that for any currency to be successful, the currency must also function as a medium of exchange, and if more merchants accept it as a valid method of payment, the more stable the market becomes.
Using CryptoCheckout’s digital currency solutions businesses can already start benefiting from accepting cryptocurrencies. You can start accepting payments from your customers in Bitcoin, Ethereum, Litecoin and more. There’s no risk of price fluctuations since each transaction is converted into your preferred fiat currency (GBP, EUR, USD), and transferred to your bank within 24 hours. Easily start accepting digital currency with our pre-built plugins for Shopify, WooCommerce, Magento and many more ecommerce shopping carts.